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Statutory Accounting Principles - SAP
What does it mean?
A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm's financial statements.
In Other Words...
Filings prepared using SAP are submitted to individual state regulatory bodies; SAP are regarded as more regulatory and conservative than the GAAP method of preparing financial statements.
Related Links
Lady Godiva Accounting Principles - Find out how and why these rules can help companies "come clean" in post-Enron Wall Street.
Related Terms
Accounting | Balance Sheet | Financial Accounting | GAAP | Income Statement
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